Stay Safe Against False Offer of Transfer of Funds

We are glad that Axis bank has launched an email campaign by virtue of which they are trying to pass on information to the investors to help them keep wary of ongoing financial scams. It is a small step which will go a long way. Keep it up and that is the reason we consider Axis bank as one of the best and responsible banks in India. The email sent to its clients reads as following:

Dear Customer,

Fraudsters making claims of remitting funds from abroad to help you in your venture/business may ask you for your personal/bank details.

To keep your account safe, kindly take note of the following points:

• You may receive letters/emails from foreign individuals/entities claiming to offer huge amounts of money in foreign currency, on the pretext of helping you in your business/ venture.
• These may request for your bank account details and ask you to remit an initial deposit/commission so that they can transfer the money offered.
• They may also claim that huge sums of money for disbursal of loans at cheap rates are kept in an account with the Reserve Bank of India (RBI), and may show copies of certificate/deposit receipts purported to have been issued by the Reserve Bank.
• The RBI does not maintain any account in the name of individuals / companies / trusts in India to hold funds for disbursal and it cautions you against such offers.
• Also, the RBI have received approvals/clarification requests from individuals/entities for effecting remittances in foreign currency towards commission/fees for receiving prizes won in overseas lottery schemes etc.
• Do not participate in lottery-like schemes functioning under different names, such as, money circulation scheme or remittances for the purpose of securing prize money/awards, etc. These are prohibited under the Foreign Exchange Management Act, 1999. Regards, Axis Bank.

Hope this small effort is a step towards a big leap and people have to be wary of these funds transfers from overseas through enticing emails and these are generally originating from third world countries like Nigeria.